Dollar To Extend Higher

Published 12/05/2018, 11:09 PM
Updated 07/09/2023, 06:31 AM

Well, we saw the pullback lower in the Dollar as expected – GBP/USD reaching the higher targets I suggested – EUR/USD didn’t really require a deep correction. The Swissie managed a sideways move but ready for further gains while USD/JPY pushed higher as expected. This should see the Dollar extending higher today…

Even the Aussie triggered a deep decline. However, it developed in a 5-wave decline so we should be looking for a pullback – and that will provide us with a puzzle as to how deep the correction will be.

As expected, having seen a Wave I in EUR/JPY we have seen a decent rally and may just see a little higher but with EUR/USD expected to see losses and USD/JPY seeing gains, it tends to suggest a rather limited range today.

Focus on the majors. This should see a decent push higher in the Dollar.

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